This is the lowest figure since the Great Depression.
Overall, 57% of consumers have no intention of buying a new car anytime soon.
It’s been a rough two years for automakers, dealers, and car buyers. Side-effects of the pandemic have left the industry stirred and although car companies are steadily ramping up production, there might be fewer people than expected looking to buy whatever’s available.
A study has found that a whopping 79% of consumers believe that this is a bad time to buy a new car. Of the related reasons including big price increases due to rising material and energy costs, another one could be massive dealer markups which have made countless headlines over the last while.
The result from the July insights from GfK AutoMobility shared by Carscoops shows that 57% of all those surveyed have no intention of buying a new car anytime soon. Specifically, of the potential Gen Y and Gen X buyers, who are respectively between the ages of 25-42 and 43-57, only 37% are considering the purchase of a new vehicle in the next two years. That’s down 8% from July 2020.
Alarmingly, it’s the moderate and high-income consumers that may have the greater impact on new car buying volumes. Of those earning between $50,000 and $100,000 annually, only 44% are planning to purchase a new vehicle in the next short while. This figure is down 10% from 2020.
Finally, even wildly-popular full-size truck buyers, or those who intend to buy them, are reconsidering.
